Revenue expansion reached 16.7% in 2026Q1, supported by a recovery in NOI margins to 98.9% following the stabilization of property-level lease structures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 1.24B | 1.2B | 1.05B | 949.74M | 878.24M | 1.06B | 892.38M | 928.83M | 881.68M | 908.38M | 900.83M | 743.62M | 504.79M | 418.71M | 350.46M | 292.2M | 258.32M | 197.44M | 193.76M | 159.56M | 135.51M | 109.64M | 86.97M | 81.2M | 122.78M | 239.3M | 263.57M | 121.44M | 109.31M | 90.8M | 73.13M |
| Revenue Growth % | 14.19% | 13.95% | 10.7% | 8.14% | -17.37% | 19.1% | -3.92% | 5.35% | -2.94% | 0.84% | 21.14% | 47.31% | 20.56% | 19.48% | 19.94% | 13.12% | 30.84% | 1.9% | 21.44% | 17.74% | 23.59% | 26.07% | 7.11% | -33.86% | -48.69% | -9.21% | 117.05% | 11.09% | 20.39% | 24.17% | 19.1% |
| Property Operating Expenses | 180.21M | 664.93M | 14.56M | 15.03M | 15.5M | 12.26M | 12.32M | 14.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 653K | 8M | 20.63M | 27.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 1.06B | 533.17M | 1.04B | 934.72M | 862.74M | 1.05B | 880.07M | 913.9M | 881.68M | 908.38M | 900.83M | 743.62M | 504.79M | 418.71M | 350.46M | 291.55M | 250.32M | 176.81M | 166.16M | 159.56M | 135.51M | 109.64M | 86.97M | 81.2M | 122.78M | 239.3M | 263.57M | 121.44M | 109.31M | 90.8M | 73.13M |
| NOI Margin % | 85.45% | 44.5% | 98.62% | 98.42% | 98.24% | 98.85% | 98.62% | 98.39% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 99.78% | 96.9% | 89.55% | 85.76% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 175.22M | -216.27M | 377.17M | 445.74M | 470.47M | 484.38M | 427.81M | 362.15M | 384.09M | 593.21M | 340.87M | 332.35M | 159.48M | 153.03M | 135.49M | 153.76M | 101.39M | 60.92M | 61.42M | 48.53M | 46.61M | 33.58M | 26.88M | 35.13M | 112.59M | 222.07M | 280.72M | 29.39M | 27.48M | 21.53M | 17.7M |
| G&A Expenses | 62.61M | 0 | 88M | 81.5M | 69.4M | 64.63M | 59.89M | 57.87M | 63.51M | 47.68M | 45.87M | 38.57M | 25.89M | 21.59M | 21.33M | 19.43M | 15.05M | 11.74M | 11.7M | 11.09M | 13.74M | 8.59M | 6.21M | 5.94M | 6.29M | 10.38M | 6.42M | 6.12M | 5.4M | 4.6M | 4.01M |
| EBITDA | 1.13B | 1.07B | 964.31M | 808.65M | 724.68M | 908.19M | 782.18M | 853.43M | 778.87M | 602.76M | 827.01M | 621.97M | 468.57M | 394.32M | 327.95M | 238.13M | 233.56M | 160.58M | 144.63M | 147.08M | 121.17M | 101.34M | 83.5M | 71.96M | 31.46M | 39.29M | 6.12M | 116.25M | 103.33M | 52.37M | 69.12M |
| EBITDA Margin % | 90.85% | 89.7% | 91.72% | 85.14% | 82.52% | 85.45% | 87.65% | 91.88% | 88.34% | 66.36% | 91.81% | 83.64% | 92.82% | 94.18% | 93.58% | 81.5% | 90.41% | 81.33% | 74.64% | 92.18% | 89.42% | 92.43% | 96.01% | 88.62% | 25.62% | 16.42% | 2.32% | 95.73% | 94.53% | 57.68% | 94.52% |
| Depreciation & Amortization | 329.51M | 325.25M | 304.65M | 319.68M | 332.41M | 342.01M | 329.92M | 301.68M | 281.28M | 287.59M | 267.06M | 210.7M | 123.26M | 128.65M | 112.98M | 100.34M | 84.62M | 44.69M | 39.89M | 36.06M | 32.26M | 25.28M | 23.4M | 25.89M | 21.27M | 22.07M | 23.27M | 24.21M | 21.5M | -16.9M | 13.69M |
| D&A / Revenue % | 26.6% | 27.15% | 28.98% | 33.66% | 37.85% | 32.18% | 36.97% | 32.48% | 31.9% | 31.66% | 29.65% | 28.33% | 24.42% | 30.72% | 32.24% | 34.34% | 32.76% | 22.64% | 20.59% | 22.6% | 23.81% | 23.05% | 26.91% | 31.89% | 17.32% | 9.22% | 8.83% | 19.94% | 19.67% | -18.61% | 18.72% |
| Operating Income | 796.06M | 749.44M | 659.66M | 488.97M | 392.28M | 566.17M | 452.25M | 551.75M | 497.59M | 315.17M | 559.95M | 411.27M | 345.31M | 265.68M | 214.97M | 137.79M | 148.94M | 115.89M | 104.74M | 111.03M | 88.91M | 76.07M | 60.1M | 46.06M | 10.19M | 17.22M | -17.15M | 92.04M | 81.83M | 69.27M | 55.43M |
| Operating Margin % | 64.26% | 62.55% | 62.74% | 51.48% | 44.67% | 53.27% | 50.68% | 59.4% | 56.44% | 34.7% | 62.16% | 55.31% | 68.41% | 63.45% | 61.34% | 47.16% | 57.66% | 58.69% | 54.05% | 69.58% | 65.61% | 69.38% | 69.1% | 56.73% | 8.3% | 7.2% | -6.51% | 75.8% | 74.86% | 76.29% | 75.79% |
| Interest Expense | 4M | 220.53M | 221.72M | 235.53M | 233.24M | 234.6M | 223.39M | 208.72M | 201.42M | 220.24M | 175.56M | 183.21M | 126.87M | 92.05M | 106.1M | 86.9M | 90.6M | 39.08M | 39.75M | 44.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 3.83x | 2.90x | 2.09x | 2.87x | 2.77x | 1.73x | 2.65x | 2.47x | 1.48x | 3.19x | 2.28x | 2.74x | 2.87x | 2.14x | 1.61x | 1.64x | 3.10x | 2.95x | 2.53x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -92.88M | -95.31M | 17.2M | -2.19M | -277.11M | -84.51M | 66.54M | -814K | -345K | -10.99M | 59K | -6.46M | -2.91M | 1.11M | -11.83M | -1.71M | -101K | -5.3M | -12.63M | -655K | 0 | 0 | -26.88M | -60.5M | -234.17M | -452.08M | -280.72M | -83.61M | -52.98M | -26K | 0 |
| Pretax Income | 672.23M | 624.22M | 428.66M | 255.05M | 443.4M | 432.14M | 168.47M | 354.79M | 296.51M | 105.92M | 384.33M | 234.53M | 221.35M | 172.52M | 120.7M | 52.61M | 58.44M | 82.11M | 77.62M | 67.59M | 58.25M | 39.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 54.26% | 52.1% | 40.77% | 26.85% | 50.49% | 40.66% | 18.88% | 38.2% | 33.63% | 11.66% | 42.66% | 31.54% | 43.85% | 41.2% | 34.44% | 18% | 22.62% | 41.59% | 40.06% | 42.36% | 42.99% | 36.24% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 16.24M | 14.75M | 10.86M | 6.25M | 4.56M | 3.84M | 4.92M | 2.84M | 3.01M | 3.25M | 1.41M | 1.21M | 0 | 0 | 0 | 0 | 0 | 0 | -72K | -7K | 2.35M | 2.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 2.42% | 2.36% | 2.53% | 2.45% | 1.03% | 0.89% | 2.92% | 0.8% | 1.02% | 3.07% | 0.37% | 0.52% | 0% | 0% | 0% | 0% | 0% | 0% | -0.09% | -0.01% | 4.03% | 6% | - | - | - | - | - | - | - | - | - |
| Net Income | 632.09M | 590.11M | 406.33M | 242.18M | 426.93M | 416.74M | 159.33M | 341.12M | 281.58M | 100.42M | 366.42M | 224.52M | 221.35M | 172.52M | 120.7M | 52.61M | 58.44M | 82.11M | 78.14M | 69.37M | 55.7M | 38.75M | -36.72M | 3.52M | -14.65M | -16.66M | -66.48M | 19.67M | 76.2M | 44.9M | 34.59M |
| Net Margin % | 51.02% | 49.25% | 38.65% | 25.5% | 48.61% | 39.21% | 17.85% | 36.73% | 31.94% | 11.05% | 40.68% | 30.19% | 43.85% | 41.2% | 34.44% | 18% | 22.62% | 41.59% | 40.33% | 43.48% | 41.1% | 35.34% | -42.21% | 4.33% | -11.93% | -6.96% | -25.22% | 16.2% | 69.71% | 49.45% | 47.3% |
| Net Income Growth % | 41.09% | 45.23% | 67.78% | -43.27% | 2.44% | 161.56% | -53.29% | 21.15% | 180.4% | -72.59% | 63.2% | 1.43% | 28.3% | 42.94% | 129.44% | -9.98% | -28.83% | 5.09% | 12.63% | 24.56% | 43.72% | 205.55% | -1144.23% | 124.01% | 12.07% | 74.95% | -437.98% | -74.19% | 69.71% | 29.81% | 50.39% |
| Funds From Operations (FFO) | 961.6M | 915.36M | 710.97M | 561.86M | 759.33M | 758.75M | 489.25M | 642.81M | 562.86M | 388.01M | 633.48M | 435.23M | 344.61M | 301.17M | 233.68M | 152.94M | 143.06M | 126.81M | 118.03M | 105.43M | 87.96M | 64.03M | -13.31M | 29.41M | 6.62M | 5.41M | -43.22M | 43.88M | 97.7M | 28M | 48.28M |
| FFO Margin % | 77.62% | 76.4% | 67.62% | 59.16% | 86.46% | 71.39% | 54.83% | 69.21% | 63.84% | 42.71% | 70.32% | 58.53% | 68.27% | 71.93% | 66.68% | 52.34% | 55.38% | 64.23% | 60.91% | 66.08% | 64.91% | 58.4% | -15.31% | 36.22% | 5.4% | 2.26% | -16.4% | 36.14% | 89.38% | 30.84% | 66.03% |
| FFO Growth % | 107.38% | 28.75% | 26.54% | -26.01% | 0.08% | 55.08% | -23.89% | 14.2% | 45.06% | -38.75% | 45.55% | 26.3% | 14.42% | 28.88% | 52.79% | 6.91% | 12.82% | 7.44% | 11.95% | 19.86% | 37.37% | 580.99% | -145.26% | 344.01% | 22.46% | 112.52% | -198.49% | -55.08% | 248.93% | -42.01% | 34.12% |
| FFO per Share | 3.05 | 2.95 | 2.63 | 2.24 | 3.11 | 3.11 | 2.08 | 2.89 | 2.68 | 1.88 | 3.14 | 2.41 | 2.71 | 2.55 | 2.16 | 1.50 | 1.52 | 1.52 | 1.57 | 1.60 | 1.50 | 1.23 | -0.29 | 0.75 | 0.19 | 0.27 | -1.94 | 2.23 | 4.89 | 1.46 | 2.81 |
| FFO Payout Ratio % | 61.48% | 85.25% | 96.41% | 114.6% | 83.35% | 84.04% | 125.15% | 87.76% | 93.93% | 129.53% | 71.53% | 82.31% | 75.01% | 72.42% | 77.97% | 105.85% | 97.08% | 86.14% | 83.09% | 77.07% | 76.02% | 87.07% | -369.36% | 222.6% | 0% | 0% | -68.59% | 148.78% | 62.64% | 183.57% | 87.65% |
| EPS (Diluted) | 2.01 | 1.94 | 1.55 | 1.00 | 1.80 | 1.75 | 0.68 | 1.54 | 1.34 | 0.51 | 1.90 | 1.29 | 1.74 | 1.46 | 1.12 | 0.46 | 0.52 | 0.87 | 0.94 | 0.90 | 0.78 | 0.49 | -0.81 | 0.09 | -0.42 | -0.83 | -2.22 | 0.51 | 3.39 | 2.16 | 2.01 |
| EPS Growth % | 28.57% | 25.16% | 55% | -44.44% | 2.86% | 157.35% | -55.84% | 14.93% | 162.75% | -73.16% | 47.29% | -25.86% | 19.18% | 30.36% | 143.48% | -11.54% | -40.23% | -7.45% | 4.44% | 15.38% | 59.18% | 160.49% | -1000% | 121.43% | 49.4% | 62.61% | -535.29% | -84.96% | 56.94% | 7.46% | 40.56% |
| EPS (Basic) | - | 2.02 | 1.57 | 1.01 | 1.81 | 1.76 | 0.70 | 1.60 | 1.41 | 0.51 | 1.91 | 1.30 | 1.75 | 1.47 | 1.12 | 0.46 | 0.52 | 0.87 | 0.94 | 0.90 | 0.78 | 0.49 | -0.81 | 0.09 | -0.42 | -0.83 | -2.22 | 0.51 | 3.39 | 2.16 | 2.01 |
| Diluted Shares Outstanding | 315.13M | 310.7M | 270.45M | 250.45M | 244.29M | 244.34M | 235.1M | 222.13M | 209.71M | 206.79M | 201.63M | 180.51M | 127.29M | 118.1M | 108.01M | 102.18M | 94.24M | 83.65M | 75.21M | 65.89M | 58.74M | 52.06M | 45.33M | 39.07M | 34.89M | 20.03M | 22.31M | 19.69M | 20M | 19.17M | 17.2M |
Operator Restructuring and Regulation
As reported in recent financial statements, Omega Healthcare Investors achieved a 16.7% year-over-year revenue growth in 2026Q1, signaling successful integration of restructured assets and improved operator performance, which appears to be driving a sustained upward trajectory in top-line results compared to the more volatile periods observed in 2024.
The consistent revenue growth suggests that the company is effectively navigating the transition of distressed assets to more stable operators. This trend warrants further investigation into whether the current pace of expansion is sustainable or if it remains heavily dependent on non-recurring lease restructuring gains.
Based on the provided quarterly data, FFO per share climbed to $0.75 in 2026Q1, reflecting a 24.5% growth rate that suggests the company is successfully insulating its core earnings from the underlying property-level disruptions that have historically plagued the skilled nursing facility sector's financial reporting.
The divergence between FFO growth and the more erratic GAAP net income figures highlights the importance of focusing on cash-based metrics for this REIT. Investors should monitor whether this FFO trajectory can be maintained if operator rent coverage ratios face further pressure from rising labor costs.
According to the latest quarterly filings, Omega maintained a robust NOI margin of 98.9% in 2026Q1, a significant recovery from the 47.2% margin observed in 2025Q4, which appears to indicate that the company has largely stabilized its property-level cost structure following recent portfolio-wide lease adjustments.
The high NOI margin is characteristic of the triple-net lease model, where the majority of operating expenses are shifted to the tenant. However, the sharp fluctuation in 2025Q4 suggests that accounting adjustments related to operator support or non-accrual status can temporarily distort these margins, necessitating a cautious interpretation of quarterly margin performance.
As indicated by the historical data, the reliance on straight-line rent and the potential for future non-accrual events suggest that reported earnings may overstate true cash collectability, particularly as the company continues to navigate the complex financial health of its largest skilled nursing facility operators.
The presence of significant non-cash adjustments in the income statement implies that investors should look beyond headline FFO to assess the actual cash flow available for dividends. The potential for future rent concessions or operator defaults remains a latent risk that could lead to sudden downward revisions in earnings quality.
Quick answers to the most common questions about buying OHI stock.
For fiscal year 2025, Omega Healthcare Investors, Inc. (OHI) reported total revenue of $1.20B. This represents a 1538.4% increase compared to $73.1M in 1996.
Omega Healthcare Investors, Inc. (OHI) is profitable, generating $590.1M in net income for the fiscal year ending 2025 with a net profit margin of 49.3%.
Omega Healthcare Investors, Inc. (OHI) reported an operating income of $749.4M, resulting in an operating profit margin of 62.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Omega Healthcare Investors, Inc. (OHI) generated $533.2M in gross profit for the year, representing a gross profit margin of 44.5%. This demonstrates the company's core pricing power and production efficiency.